India Answers Coal's Prayers

Global commodity bulls might want to think of setting up a temple to Indian officials.

On Monday, India's top court declared illegal the 200-odd licenses for coal mines that the government had awarded between 1993 and 2010, arguing these were handed out arbitrarily. It's possible some of the domestic power and metals firms who own these mines will eventually get them back. Still, investors don't feel too great about the uncertainty,...